ZIM reports financial results
ZIM Integrated Shipping Services reported a substantial decrease in earnings for both the fourth quarter and full year of 2025. This decline was primarily attributed to a sharp fall in freight rates and a slight reduction in cargo volumes compared to the prior year.
For the fourth quarter of 2025, the global container liner operator posted a net income of $38 million, a significant drop from $563 million in the same period of 2024. Diluted earnings per share fell to $0.32, down from $4.66 year-over-year. The full-year net profit for ZIM was $481 million, a considerable decrease from $2.15 billion in 2024.
Adjusted EBITDA for the fourth quarter was $327 million, marking a 66% year-on-year decline. For the full year, adjusted EBITDA totaled $2.17 billion, down 41% from the previous year. Operating income (EBIT) in the fourth quarter was $143 million, compared to $658 million in the fourth quarter of 2024. Full-year operating income reached $1.02 billion, down from $2.53 billion in 2024.
Revenues for the fourth quarter decreased by 32% year-on-year to $1.48 billion. Annual revenues amounted to $6.90 billion, an 18% reduction from the previous year. Container volumes also saw a slight decline, with ZIM carrying 898,000 TEUs in the fourth quarter, down from 982,000 TEUs a year prior. For the full year, carried volume was approximately 3.7 million TEUs, a 2% decrease year-on-year.
The average freight rate per TEU dropped to $1,333 in the fourth quarter, compared to $1,886 in the same quarter of 2024. For the full year, the average rate stood at $1,551 per TEU, down from $1,888.
Despite the challenging market, ZIM maintained solid operating cash flow, generating $375 million in the fourth quarter and $2.3 billion for the full year from operating activities.
Eli Glickman, President and CEO of ZIM, stated that the company achieved strong operational and financial results in 2025, with adjusted EBITDA and EBIT at the upper end of their guidance, highlighting the company’s resilience amid difficult market conditions.
The company declared a fourth-quarter dividend of approximately $106 million, or $0.88 per share, bringing the total dividends distributed for 2025 earnings to $240 million, or $1.99 per share. Glickman noted that ZIM has distributed approximately $5.8 billion in dividends since its initial public offering in January 2021, attributing this “exceptional return of capital to shareholders” to strategic execution and a commitment to innovation and operational excellence.
ZIM has continued to invest in fleet modernization and capacity expansion through new charter agreements. Between the fourth quarter of 2024 and the fourth quarter of 2025, ZIM secured 36 newbuild containerships ranging from 3,000 to 12,000 TEU, with a total capacity of about 250,000 TEU, expected for delivery starting in the second half of 2026. Currently, ZIM operates a fleet of 115 containerships with a total capacity of approximately 707,000 TEU, in addition to 13 car carriers.
Looking ahead to 2026, ZIM anticipates continued pressure on freight rates. However, the company believes its modern fleet and flexible deployment strategy position it to respond effectively to evolving market conditions.
In a separate development, ZIM has entered into a merger agreement with Hapag-Lloyd, under which the German carrier will acquire ZIM for $35 per share in cash. This transaction, announced in February 2026, is projected to close by late 2026, pending regulatory and shareholder approvals. Until the deal’s completion, both companies will continue to operate independently.